Recently, the TON and Base ecology seems to have attracted more and more people's attention. First, it was hyped by some crypto KOLs on the Internet, and then this trend spread to some domestic platforms and community groups with the help of some Chinese media/self-media. Those who are bullish on TON say it will be the next favorite to succeed Solana. Those who are bullish on Base say Base is the next favorite to succeed Solana.
At the beginning of this month (March), I also found that some partners began to share TON in the group and suggested that everyone pay more attention to the ecosystem. Two days ago, a friend left me a message on WeChat. The content of the message was just to forward an article from someone else's public account to me (the original article was a compiled article from the TechFlow website), which listed the Base above. 8 popular projects, but the title of the article directly states: (These 8 projects) may grow 50-100 times this year. Then, this friend asked me if the article made sense. My answer is: Of course you can pay attention to 8 projects, but whether it can increase 50-100 times is more likely to be a headline party that attracts traffic, so you can simply refer to it, DYOR.
So, which one has greater development potential, TON or Base ecology?
Behind TON (L1) is Telegram, and behind Base (L2) is Coinbase. Both of these are projects with a "background". Let's put aside the technical perspective first. As far as I am concerned, the development potential may I would be more optimistic about Base.
Although TON’s current biggest expectation is to have 1 billion users backed by Telegram, while Coinbase only has 110 million registered users, there are a few points that need to be considered:
First, Telegram is a project led by a Russian team, while Coinbase is a project led by an American team. For big money in the West, if the choice were to be made, going to Base would be a bit more likely.
Second, on March 11, Telegram founder Pavel Durov publicly stated that Telegram would consider listing through an IPO. This news also directly stimulated the rise of TON tokens. But the problem here is that if a social software company led by a Russian team wants to be listed in the United States, it cannot be too closely related to "cryptocurrency" at the current stage, otherwise it will be difficult to achieve the goal of listing. . Therefore, Telegram’s biggest expectation (diversion) of 1 billion users is actually difficult to realize in the short term. Coinbase has already been listed as a crypto exchange during the last bull market.
Third, in terms of valuation, TON currently has a TVL of $82 million and a valuation of $25.6 billion (FDV), while Base has a TVL of $885 million and a valuation of $3 billion. In this comparison, the latter seems to be somewhat underestimated. As for how the US$3 billion valuation came about: Optimism previously used 2.75% of the supply of OP tokens in exchange for 15% of Base's "equity". If calculated based on this share exchange ratio, then Base's current valuation is equivalent to $3 billion.
As for some people directly comparing TON and Base with Solana, I think this is actually not very comparable. Let’s not dwell on Solana’s previous downtime issues or technical issues. From the perspective of capital selection and ecological liquidity, Solana also wins and is far ahead.
Of course, from a dialectical point of view, although I do not think TON and Base can exceed the scale of Solana, this does not affect the possibility that they will become the next hot spot and create some new opportunities, because as long as there is hype, there will be opportunities. Since between TON and Base, I am more optimistic about the development prospects of Base, then let’s continue to talk about the Base ecology.
In fact, the topic of Base was also covered in Hua Li Huawai's previous article. This project was also one of the new projects that we paid close attention to last year (2023). As shown below.
1.What is the core potential of Base?
Base is an Ethereum Layer 2 solution developed by the well-known trading platform Coinbase in conjunction with Optimism. Like other L2s, Base also hopes to expand Ethereum through faster transaction speeds and cheaper transaction fees, while utilizing Ethereum. With the security of the main network, developers can also develop on-chain applications at low cost.
It can be said that being backed by Coinbase should be one of the main factors why Base has attracted much attention and anticipation, and the reasons are obvious, because the exchange:
- Is the largest centralized compliance exchange in the United States
- Used by 90% of custodians of US BTC spot ETFs
- It is also the preferred platform for large capitals such as Blackrock (BlackRock)
- USDC was also co-created by the exchange and Circle
In addition to Coinbase, in fact, in the past two years, major CEXs have been actively carrying out various decentralized layouts. For example, the well-known Binance and OKX have also launched their own L2 networks and integrated decentralized encryption. Wallet function.
Through on-chain tools, we can intuitively see that there are nearly 50 L2 networks so far. It can be said that competition in this field is still very fierce. Under such fierce competition, as Base’s popularity continues to rise recently, its TVL has also ranked fourth, reaching a scale of US$2 billion. As shown below.
Because for Base, backed by Coinbase, it can directly become the gateway for Coinbase users to enter the encryption market. This is the greatest expectation for it.
Currently, Coinbase has 110 million registered users, and the exchange is building a native smart contract (AA) wallet that will allow ordinary people to conduct seamless transactions on the chain without storing any mnemonic words or passwords. All are based on the Base chain. To put it simply, with Coinbase’s AA wallet, users do not need to withdraw coins from the exchange or cross-chain. They can directly use the money in Coinbase to play various projects on the Base chain.
Last month, the Base team also stated that one of their main goals in 2024 is to make the AA wallet the default wallet, bring more users to the chain, and provide developers with easy entry and a better experience. As shown below.
Of course, it seems that Binance and OKX are significantly faster in this regard, especially the Web3 wallet launched by OKX, which has almost become one of the must-have wallets for new users entering this field.
In short, in addition to competition in background and technology, for a newly born chain, the most important aspect must be users. Whoever can continuously bring new users (money), then this chain may have better results. Development potential.
2. Base’s on-chain data summary
Let’s take the data of this month (March) as an example. Through the on-chain data, we can also intuitively see that since this month, the number of Base users has seen a relatively obvious new round of growth. As shown below.
Among them, users (Users) increased from 3.6 million at the beginning of the month to 5 million, revenue (Revenue) increased from US$18 million to US$28 million, and TVL increased from US$440 million to US$880 million.
So what’s driving Base’s rapid growth this month?
In addition to the hype of external encryption KOLs, this should also be inseparable from the Cancun (Dencun, EIP-4844) upgrade of Ethereum.
Before the Cancun upgrade, the average transaction cost on Base was about $0.31, but with the official implementation of EIP-4844, Base’s current network fee (Fee) has dropped to almost a fraction (less than $0.0005). As shown below.
Why many KOLs on the Internet currently regard Base as the next popular choice to succeed Solana? In addition to some unknown (excluding the influence of capital) reasons, I guess the change in Fee may also be one of the reasons. Because before the Cancun upgrade, the Solana network was the only low-cost viable option for high-frequency trading, but now, L2 competition will make this viable option more intense.
In addition, we can also see some clues from the on-chain data. Currently, some of Solana’s “funds” seem to be transferring more to Base. Although this volume is not very large at present, it also shows some new signs. As shown below.
In the long run, we believe that Base has relatively promising development prospects. Although it still faces some problems, such as various roadblocks, this does not affect the continued creation of various new opportunities in its ecology.
Of course, compared with Solana's current ecological prosperity, there is still a big gap between Base at this stage. As for the question of whether Base can replace Solana that some people have recently discussed, it was actually mentioned above. The discussion of this issue is not meaningful. big.
3. What other opportunities are there in the Base ecosystem?
The first possible opportunity is on the MemeCoin side
In the past few weeks, the performance of some MemeCoins on the Base ecosystem has been very eye-catching, but this may just be the beginning of a larger story.
Generally speaking, opportunities will arise wherever there are risk opportunities and sufficient liquidity. If more people can continue to pay attention to the Base ecology and are willing to stay on it, it will mean that there will be more possibilities and opportunities for MemeCoin on it.
We will not list the projects directly here to prevent some partners from making headless mistakes when they see the project name. We will simply share the method of finding the potential MemeCoin on Base:
The first step is to use any of the four essential tools that Hua Li Huawai shared before to find new MemeCoin. Here we only take birdeye as an example, click the Base button in the top navigation bar, and then click the Find Gems button on the right side of the interface. As shown below.
In the second step, through the Find Gems button, we can see that as of this writing, there are more than 1,200 currencies in the Base ecosystem. On this page, we continue to use the filter function to filter combinations of different dimensions based on transaction volume and time range (24 hours is recommended), and then track the number of holders of the corresponding tokens. If you can find Those projects whose holders are growing rapidly, then you can focus on them, because the holders are growing rapidly, which also means that the project may have greater potential. As shown below.
Of course, many times when playing MemeCoin, the competition is speed, so you may also need to study the use of trading robots. Currently, Telegram Bots with relatively high usage on Base include Unibot, Unibot, Shuriken, Magnum, Prodigy Bot, etc.
But at the same time, I want to remind you of the old saying: Just play with things like MemeCoin in small amounts, and at the same time, have a zero-zero mentality and don’t stud.
In addition, if you want to get better early opportunities, you definitely need to spend some time and energy to search and research, instead of directly following KOLs to operate. When you find that a MemeCoin is strongly recommended by many KOLs, it is actually " Someone may be shipping the goods and asking you to enter the market to take over the order.
The second possible opportunity is in terms of airdrops
As long as an ecology can continue to generate popularity, in addition to attracting leeks, it will also attract project parties to join. Therefore, according to the current development trend, there should be many protocols that will choose to launch on Base. The continuous addition of new projects directly brings more airdrop expectations.
Many people were looking forward to the issuance of Base tokens in the past, but judging from the current situation, the probability of Base itself directly issuing tokens does not seem to be high. But this does not affect the issuance of new projects in its ecology and airdrops.
At present, the projects that may be airdropped in the Base ecosystem are roughly concentrated in the fields of Bridges, DEXs, Lending, and NFT. Therefore, if you are interested in airdrops, you can research and pay more attention to the corresponding project gameplay in these fields. (interaction) is all.
As for the detailed list of projects, you can go directly to the ecosystem column of Base’s official website to search and research by yourself. As shown below.
Alternatively, you can also directly use some third-party on-chain tools to view the list of projects with airdrop potential in the Base ecosystem, and then selectively participate. As shown below.
Well, we will share the content of this issue here for the time being. This is also the 431st article updated by Hua Li Huawai. We will continue to bring you more related sharing later. Interested friends can contact us through Hua Li Hua Wai. Check out Li Huawai to learn more.
The data/pictures cited in the text come from some on-chain tool platforms. Partners of the Crypto mutual aid exchange group outside Hua Li Hua: You can directly view the exchange group articles synchronized to the group, including the full version of the data source/citation link.
Note: The above content is only a personal perspective and analysis, and is only used for popular science learning and communication. All projects mentioned in the title or text have no interest relationship with Hua Li Hua, nor do they constitute any investment advice. The crypto market is an extremely high-risk area. Please treat it rationally, increase your awareness of risk prevention, and abide by the relevant laws and regulations of the country and region where you are located!
